Group 1 - Zijin Mining has established a new trading company with a registered capital of 1 billion RMB [1] - The new company, Fujian Zijin Mining Trading Co., Ltd., is fully owned by Zijin Mining [1] - The business scope includes sales of metal ores, new metal functional materials, battery sales, and various import and export services [1]

Core Viewpoint - Gao Nan's managed funds reported significant growth in the second quarter, with a total management scale of 15.326 billion yuan, an increase of nearly 30% from the previous quarter [1] Fund Performance - Gao Nan's flagship fund, Yongying Ruixin, saw an increase of nearly 1.6 billion yuan in scale during the second quarter, reaching 5.016 billion yuan [1] - The net asset value of Yongying Ruixin Mixed A Fund was 1.4545 yuan at the end of the reporting period, with a net value growth rate of 10.12%, compared to a benchmark return of 1.50% [1] Portfolio Composition - The top ten holdings of Yongying Ruixin as of the end of the second quarter included Pop Mart (09992), Zhongji Xuchuang (300308), Kangfang Biotech (09926), Xinyi Sheng (300502), Jiangxin Home (301061), Xinda Biotech (01801), Weichai Heavy Industry (000880), Baijie Shenzhou (688235), San Sheng Pharmaceutical (01530), and Zijin Mining (601899) [1] - New additions to the portfolio included Zhongji Xuchuang, Xinyi Sheng, Xinda Biotech, Weichai Heavy Industry, San Sheng Pharmaceutical, and Zijin Mining, while Kangfang Biotech and Baijie Shenzhou were increased [3] Macroeconomic Environment - The overall economic operation in China remained stable in the second quarter, with resilient industrial production and high levels of infrastructure and manufacturing investment [3] - The central bank implemented measures such as reserve requirement ratio cuts and interest rate reductions to stabilize the market and expectations [3] Market Analysis - The Shanghai Composite Index rose by 3.26% in the second quarter, despite experiencing significant volatility [3] - The market saw a notable differentiation in asset performance, with sectors like innovative pharmaceuticals, artificial intelligence, and finance showing significant excess returns [3] Investment Strategy - The investment strategy emphasized bottom-up stock selection, focusing on company growth potential and earnings realization [4] - The fund aims to diversify industry concentration while capturing growth opportunities, and it also considers stocks with a safety margin and potential for future improvement [4]

Core Viewpoint - The AI Fund, China Europe Responsible Investment Mixed A (009872), reported a profit of 122 million yuan in Q2 2025, with a net value growth rate of 3.73% and a total fund size of 3.341 billion yuan as of the end of Q2 2025 [3][16]. Fund Performance - As of July 18, the fund's unit net value was 0.893 yuan [3]. - The fund's performance over various time frames includes: - 3-month net value growth rate: 15.05%, ranking 34 out of 132 comparable funds [4]. - 6-month net value growth rate: 21.02%, ranking 16 out of 132 comparable funds [4]. - 1-year net value growth rate: 31.32%, ranking 24 out of 132 comparable funds [4]. - 3-year net value growth rate: -0.37%, ranking 42 out of 127 comparable funds [4]. Risk and Return Metrics - The fund's Sharpe ratio over the past three years is 0.2062, ranking 44 out of 129 comparable funds [9]. - The maximum drawdown over the past three years is 40.03%, ranking 52 out of 129 comparable funds, with the largest single-quarter drawdown occurring in Q1 2022 at 23.31% [11]. Investment Strategy - The fund maintained an average stock position of 91.92% over the past three years, compared to a peer average of 86.11% [14]. - The fund reached its highest stock position of 93.71% at the end of Q1 2025, with the lowest being 84.08% at the end of 2020 [14]. Top Holdings - As of the end of Q2 2025, the fund's top ten holdings include: - Xiaomi Group-W - Zijin Mining - Tencent Holdings - CATL - Midea Group - Jiangsu Bank - Dongyue Group - Jinbo Bio - CITIC Securities - China Merchants Bank [19].

Core Viewpoint - The article highlights the ongoing strong performance of the innovative drug sector, with several fund managers increasing their allocations to this area, indicating a positive outlook for the future despite potential adjustments and volatility ahead [2][3][8]. Group 1: Fund Managers' Adjustments - Fund manager Fu Pengbo has increased allocations to the pharmaceutical sector, particularly in innovative drugs and traditional medicine benefiting from AI, while also adjusting positions in the export chain [4]. - Fund manager Gao Nan has shifted focus towards TMT (Technology, Media, and Telecommunications) and innovative drugs, with significant growth in fund size, indicating a strategic pivot in investment focus [5][6]. - Both fund managers express confidence in the continuation of the innovative drug market's upward trend, emphasizing the importance of evaluating company performance through upcoming mid-year reports [4][10]. Group 2: Market Dynamics and Trends - The innovative drug sector is seen as a necessary evolution rather than an option, with Chinese companies positioned to benefit from global competition and transparency in drug development [9][10]. - Factors contributing to the success of Chinese innovative drugs include high research efficiency, lower operational costs, and a well-established industry chain that supports rapid market entry and commercialization [9]. - The article notes that while the innovative drug sector has strong long-term potential, it has already experienced significant gains, suggesting that market corrections and fluctuations are likely in the near future [3][11].

Investment Rating - The report maintains a positive outlook on the metals and new materials industry, indicating a "Buy" recommendation [3][4]. Core Views - The report highlights a strengthening expectation against "involution" in the industry, with a focus on the upward trend of bottom metal prices [3]. - The report notes that the precious metals sector is expected to see continued upward price momentum due to central bank purchases and a favorable economic outlook [4][21]. - Industrial metals are projected to have limited downside due to supply constraints and stable demand, particularly in the context of ongoing investments in infrastructure and appliances [4]. Weekly Market Review - The Shanghai Composite Index rose by 0.69%, while the Shenzhen Component Index increased by 2.04%, and the CSI 300 Index gained 1.09% [4][5]. - The non-ferrous metals index outperformed the CSI 300 by 0.73 percentage points, with a weekly increase of 1.82% [4][5]. - Year-to-date, the non-ferrous metals index has risen by 22.61%, outperforming the CSI 300 by 19.47 percentage points [5][8]. Price Changes - Industrial and precious metals saw varied price movements, with copper, aluminum, and energy metals showing increases of 1.71%, 0.03%, and 3.31% respectively [4][9]. - Lithium prices increased by 5.49% for spodumene and 3.94% for battery-grade lithium carbonate, indicating strong demand in the battery sector [4][14]. - The report notes that gold prices have been influenced by U.S. fiscal policies and central bank purchasing trends, with a long-term upward price trajectory expected [4][21]. Key Company Recommendations - The report suggests focusing on companies with strong fundamentals and growth potential, such as Zijin Mining, Shandong Gold, and Zhongjin Gold [4][18]. - For industrial metals, companies like Zijin Mining, Luoyang Molybdenum, and Western Mining are highlighted as potential investment opportunities [4][18]. - In the aluminum sector, companies such as Tianshan Aluminum and China Hongqiao are recommended due to their stable performance and dividend yields [4][18]. Inventory and Supply Analysis - Copper inventories showed a slight decrease in domestic social inventory, while exchange inventories increased, indicating mixed supply dynamics [4][32]. - The aluminum sector is experiencing a tightening supply situation, with production capacity constraints expected to support long-term price increases [4][48]. - Steel production has decreased due to reduced electric furnace output, while demand remains stable, suggesting a balanced supply-demand scenario [4][72].

Core Viewpoint - The A-share non-ferrous metal sector is experiencing a strong rebound driven by multiple favorable factors, indicating significant wealth opportunities and challenges ahead [1] Group 1: Market Dynamics - The A-share non-ferrous metal index reached a peak of 5324 points, reflecting a 1.99% increase, successfully breaking a two-day downward trend [1] - Global copper inventory is critically low at 91,000 tons, sufficient for only three days of consumption, exacerbated by a 30% reduction in copper production due to a miners' strike in Peru [2] - The aluminum market is also experiencing high demand, with social inventory dropping by 70,000 tons in one week, and 30% of small aluminum plants being eliminated due to policy restrictions [2] Group 2: Policy Support - Central government policies are targeting price competition, with measures such as power restrictions on aluminum plants and preferential mining quotas for leading companies, effectively consolidating market positions [3] Group 3: Capital Inflow and Company Performance - Major funds are actively investing in leading companies, with significant purchases in Zijin Mining and Northern Rare Earth, indicating strong institutional interest [4] - Precious metals are performing well, with Shandong Gold seeing a five-day volume increase and silver futures reaching a three-year high, driven by a 30% price surge this year [4] Group 4: Industry Leaders and Competitive Advantages - Leading companies like Zijin Mining and Yunnan Aluminum are benefiting from high resource self-sufficiency and cost advantages, while Jiangxi Copper is leveraging processing fee mechanisms to enhance profitability [5] - The lithium sector is thriving, with Ganfeng Lithium securing long-term contracts with Tesla, reflecting robust demand in the new energy supply chain [5] Group 5: Supply and Demand Imbalance - The non-ferrous metal sector is witnessing a supply-demand imbalance, igniting interest and competition within the market [6] Group 6: Investment Strategy - Investors are advised to be cautiously optimistic, focusing on companies with over 70% resource self-sufficiency and considering options like silver LOF and non-ferrous ETFs for lower risk exposure [10]

Group 1 - The core viewpoint of the news is that fund manager Yang Siliang oversees 13 funds, with the best-performing fund being the Baoying Enhanced Income Bond A/B, which experienced a net value drop of 0.01% in the second quarter of 2025 [1][2] - Yang Siliang's funds have varying annualized returns, with the highest being 14.57% for Baoying New Value Mixed A, while the Baoying Enhanced Income Bond A/B has a return of 5.64% [2] - The performance of Yang Siliang's funds shows a range of quarterly declines, with the worst being a drop of 5.83% for Baoying Brand Consumption Stock C [2] Group 2 - Yang Siliang's management of the Baoying Consumption Theme Mixed Fund has yielded a cumulative return of 144.0% with an average annualized return of 14.16% [2] - The fund manager has made 69 adjustments to heavy-weight stocks during his tenure, achieving a success rate of 69.57% with 48 profitable trades [2] - Notable stock adjustments include significant gains from stocks like Longi Green Energy and Ningde Times, with estimated returns of 236.94% and 81.86% respectively [3][5][6] Group 3 - The news also highlights some unsuccessful stock adjustments, such as the investment in Zijin Mining, which resulted in an estimated loss of 57.48% despite the company showing a profit growth of 51.76% [7] - Other stocks that underperformed include Zonghui Mining and Gongdong Medical, with estimated losses of 50.94% and 47.41% respectively [4][7]

Core Insights - The article provides a detailed analysis of various mutual funds managed by the company, highlighting their performance metrics, including annualized returns and significant stock holdings [1][3]. Fund Performance Summary - The "Baoying Nasdaq 100 Index Fund" (QDII) A USD has a scale of 3.47 billion with an annualized return of 12.66% and a Q2 2025 increase of 16.66%, heavily invested in Nvidia (NVDA) with a weight of 8.56% [1]. - The "Baoying Nasdaq 100 Index Fund" (QDII) A RMB also has a scale of 3.47 billion, achieving an annualized return of 17.89% and a Q2 2025 increase of 16.43%, similarly focused on Nvidia [1]. - The "Baoying Xiangyi Regular Open Mixed A" fund has a scale of 1.76 billion with a modest annualized return of 1.92% and a Q2 2025 increase of 0.84%, primarily invested in Nanjing Bank [1]. - The "Baoying Zhongzheng A100 Index Enhanced A" fund has a scale of 1.69 billion, with an annualized return of 5.23% and a Q2 2025 increase of 1.44%, focusing on Kweichow Moutai [1]. Stock Trading Performance - Fund manager Cai Dan achieved a cumulative return of 4.88% during her tenure managing the "Baoying Xiangrui Mixed A" fund, with an average annualized return of 1.17% and a trading success rate of 56.79% across 81 stock adjustments [3]. - Notable stock trading examples include: - "Xinhua Bang" was bought in Q1 2020 and sold in Q3 2021, yielding an estimated return of 223.25% with a company performance growth of 152.36% [4][6]. - "Ningde Times" was held from Q2 2020 to Q1 2021, resulting in a return of 149.16% with a company growth of 185.34% [4]. - "Zijin Mining" was bought in Q2 2023 and has an estimated return of -86.18% despite a company growth of 51.76% [5][8]. ETF Insights - The "Gold Stock ETF" (Product Code: 159562) tracks the CSI Hong Kong and Shanghai Gold Industry Stock Index, showing a recent increase of 0.44% over five days and a price-to-earnings ratio of 20.86 times, with a net inflow of 237.7 million [10].

Group 1 - The metal zinc concept increased by 1.84%, ranking 7th among concept sectors, with 32 stocks rising, including Zhongse Co. and Zinc Industry Co. which hit the daily limit [1] - The leading gainers in the zinc sector included Feinan Resources, Xiyu Co., and Xinweiling, with increases of 4.39%, 3.92%, and 3.61% respectively [1] - The stocks with the largest declines were Dazhong Mining, *ST Zhengping, and ST Shengtun, which fell by 2.95%, 1.82%, and 1.39% respectively [1] Group 2 - The metal zinc concept saw a net inflow of 569 million yuan from main funds, with 16 stocks receiving net inflows, and 6 stocks exceeding 50 million yuan in net inflow [2] - Zhongse Co. led the net inflow with 294 million yuan, followed by Zijin Mining, Zinc Industry Co., and Xingye Silver Zinc with net inflows of 108 million yuan, 92 million yuan, and 71 million yuan respectively [2] - The net inflow ratios for Zhongse Co., Zinc Industry Co., and Zhejiang Fu Holdings were 34.26%, 23.22%, and 16.27% respectively [3] Group 3 - The top stocks in the zinc concept based on net inflow included Zhongse Co. with a daily increase of 9.95% and a turnover rate of 7.38%, and Zinc Industry Co. with a daily increase of 9.97% and a turnover rate of 8.11% [3][4] - Other notable stocks included Hunan Baishan with a 2.42% increase and a turnover rate of 13.08%, and Western Mining with a 1.30% increase and a turnover rate of 1.73% [4] - The stocks with the largest negative net inflows included Dazhong Mining and *ST Zhengping, with declines of 2.95% and 1.82% respectively [5]

Group 1: Market Performance - As of July 18, the copper metal concept increased by 1.97%, ranking 6th among concept sectors, with 60 stocks rising, including Jin Yuan Co., Huahong Technology, and Zinc Industry Co., which hit the daily limit [1] - The top gainers in the copper sector included Huaxin Environmental, which rose by 15.05%, followed by Naipu Mining and Jintian Co., which increased by 5.05% and 5.04% respectively [1] Group 2: Capital Flow - The copper metal concept saw a net inflow of 1.011 billion yuan from main funds, with 38 stocks receiving net inflows, and 8 stocks exceeding 50 million yuan in net inflow [2] - The leading stock in terms of net inflow was Zhongse Co., with a net inflow of 294 million yuan, followed by Huahong Technology, Jin Yuan Co., and Zijin Mining, with net inflows of 150 million yuan, 114 million yuan, and 108 million yuan respectively [2] Group 3: Stock Performance - Jin Yuan Co., Zhongse Co., and Zinc Industry Co. had the highest net inflow ratios, at 45.14%, 34.26%, and 23.22% respectively [3] - The top stocks in the copper sector based on daily performance included Zhongse Co. with a 9.95% increase, Huahong Technology with a 9.98% increase, and Jin Yuan Co. also with a 9.98% increase [4]